Consumers are cutting back on holiday gift buying amid higher inflation

The holidays are being affected by inflation.

According to a recent survey of more than 1,000 adults by RetailMeNot, half of shoppers will buy less things due to higher prices, and more than one-third will use coupons to save money.

The surge in seasonal shopping is driven by concerns about affordability and money-saving strategies according to other reports.

According to Tim Quinlan, senior economist at Wells Fargo, inflation is the biggest issue for households this year.

The future of free returns may be a thing of the past.

Quinlan said that household finances have taken a hit with a lower savings rate.

With inflation remaining a problem, most consumers will still be looking for bargains.

70% of shoppers will be taking inflation into account when shopping this holiday season, according to a report by BlackFriday.com.

People are trying to economize and make the most of what they have.

According to a survey, 25% of consumers said they would prefer cheaper versions or more practical gifts.

Cecilia said that people are trying to make the most of what they have.

Households will spend an average of $1,455 on holiday gifts, the same as last year, according to a separate report.

National Debt Relief's chief client operations officer warned against putting yourself in debt over holiday shopping. People with debt are unable to reach their financial goals, such as building an emergency fund, buying a home and saving for retirement.

Holiday spending could come at a higher cost if it means tacking on additional credit card debt just as the Fed raises interest rates to slow inflation.

According to Ted Rossman, a senior industry analyst at CreditCards.com, annual percentage rates are at an all time high.

Quinlan explained that consumers will be worse off in the future.

The holiday shopping season is seen as the last one.

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